Investment Rating - The report maintains an "Outperform" rating for the hydrogen energy sector [4] Core Viewpoints - The hydrogen energy industry is experiencing continuous development due to favorable policies in China, with an increase in electrolyzer bidding projects and breakthroughs in hydrogen production technology. It is recommended to pay attention to companies involved in electrolyzer bidding [3][41] - The midstream sector is accelerating the development of hydrogen transportation and the construction of hydrogen refueling stations, suggesting a focus on companies capable of hydrogen transportation [3][41] - The downstream sector is exploring various application scenarios for hydrogen energy, promoting the adoption of hydrogen vehicles, and recommending attention to companies in the hydrogen vehicle application field [3][41] Industry Performance - As of June 13, 2025, the hydrogen energy index closed at 2047.76 points, with a weekly increase of 0.34% and a year-to-date increase of 15.25%. The hydrogen energy index ranked 42nd among the Shenwan secondary industry rankings, improving by 9 places compared to the previous week [8][15] - The top five companies in the hydrogen energy sector by weekly increase were Meichen Technology (40.96%), Yong'an Pharmaceutical (26.38%), Hengguang Co., Ltd. (25.1%), ST Baili (22.89%), and Pan-Asia Micro透 (22.02%). The top five companies by weekly decrease were Chaojie Co., Ltd. (-23.23%), Xue Ren Co., Ltd. (-14.57%), Huapei Power (-9.09%), Zhongcai Technology (-8.54%), and Xin Xun Da (-8.3%) [15][16] Hydrogen Industry Data Review - As of June 13, 2025, there have been 20 cumulative electrolyzer bidding projects in China, primarily involving alkaline and PEM types. A significant breakthrough was achieved with the development of a 2 MW AEM electrolyzer by Beijing Green Wave Hydrogen Energy Technology Co., Ltd. [17] - In April 2025, the production of fuel cell vehicles (FCVs) saw a decrease, with 342 units produced and 328 units sold, marking a month-on-month decline of 6.3% and 13%, respectively. Cumulatively, 926 FCVs were produced and 957 sold from January to April 2025, representing year-on-year declines of 22.45% and 10.89% [21][24] Industry Dynamics and Company Developments - Significant breakthroughs in hydrogen transportation technology were reported, including the successful operation of a non-metal flexible hydrogen pipeline by State Power Investment Corporation [36] - The first domestic hydrogen internal combustion engine generator set has been commercially operated in Hubei, showcasing the ability to utilize industrial by-product hydrogen for power generation [36] - Plug Power has partnered with Allied Green to advance a green hydrogen project in Uzbekistan, highlighting international collaboration in the hydrogen sector [38]

Investment Rating - The industry investment rating is "Outperform the Market" [3][21]. Core Viewpoints - The report highlights that geopolitical risks and market volatility are increasing, particularly due to the ongoing Israel-Iran conflict and U.S.-China trade negotiations, which may suppress market risk appetite [1][9]. - The non-bank financial sector, excluding insurance, has shown relative stagnation, while the banking sector has experienced significant volatility [1][9]. - The report suggests that financial weight sectors may benefit from an increase in market risk appetite and related policies, with a focus on the upcoming political bureau meeting in July [1][9]. Summary by Sections 1. Main Points - The report covers the performance of major indices, with the CSI 300 Index at 3864.18 points (-0.25%), the insurance index at 1229.00 points (2.06%), and the brokerage index at 6189.87 points (0.82%) [7]. - The insurance sector's investment scale is expected to grow steadily, with a notable increase in bond and stock allocations [2][10]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently undervalued, presenting opportunities for valuation recovery. Recommended stocks include China Ping An, China Pacific Insurance, and New China Life Insurance [11]. 2.2 Brokerage Sector - Focus on mid-sized securities firms benefiting from innovation and market conditions, such as East Money and Zheshang Securities. Large firms like Huatai Securities and China International Capital Corporation are also recommended due to their strong performance and low valuations [12].

Key Points - The report emphasizes a cautious investment strategy focusing on stability amid geopolitical tensions and economic uncertainties [1][2] - Recent events include US-China trade talks in London, disappointing US CPI data, and escalating conflicts in the Middle East, particularly between Iran and Israel [1][8] - The A-share market showed mixed performance, with the Shanghai Composite Index facing resistance at 3400 points, while sectors like new consumption, innovative pharmaceuticals, and precious metals demonstrated resilience [1][8] Weekly Event Review - The US-China trade discussions did not yield substantial agreements, indicating a prolonged negotiation period on tariffs and export controls [2][9] - The US CPI for May rose by 2.4%, below expectations, while non-farm employment increased by 139,000, suggesting a mixed economic outlook [9] - The military conflict between Iran and Israel intensified, with significant airstrikes and retaliatory actions, raising concerns over regional stability [9] Trading Data - The report notes an increase in average daily trading volume to 1.37 trillion yuan during the week [1][8] Investment Strategy Recommendations - The report suggests focusing on sectors with strong defensive characteristics and stable earnings, particularly: - **Gold**: Driven by geopolitical tensions and inflation concerns, gold prices have surged, breaking through $3,400 per ounce [3][17] - **Banking Sector**: The banking sector is viewed as a stable investment due to resilient earnings and attractive dividends, providing a safe haven for investors [3][18] - **Hydropower**: The hydropower sector is highlighted for its stable cost structure and consistent cash flow, making it a preferred choice for risk-averse investors [3][18]

Investment Rating - The report assigns an "Accumulate" rating for the company [4] Core Viewpoints - The company benefits from the revival of traditional Chinese medicine, with stable core business and a strong moat for its "Shuanghuanglian" product series, which is expected to benefit from differentiation, segmentation, and upgrading trends [3] - The new controlling shareholder has strong background and capabilities, which will enhance resource matching, management models, and development strategies, promoting long-term and sustainable growth [3] Financial Performance Summary - Revenue is projected to reach CNY 2,070 million in 2023, with a year-on-year growth rate of 5.6%, followed by a decline of 6.2% in 2024, and then a recovery with growth rates of 9.8%, 10.1%, and 10.0% in the subsequent years [1] - Net profit attributable to shareholders is expected to grow significantly from CNY 44 million in 2023 to CNY 116 million by 2027, reflecting a year-on-year growth rate of 160.3% in 2023 and steady growth thereafter [1] - The company's return on equity (ROE) is projected to improve from 2.8% in 2023 to 6.4% by 2027 [1] Business Segments Summary - The company has a diversified business layout, including drug manufacturing and research services, with a focus on traditional Chinese medicine [12] - The "Shuanghuanglian" oral liquid is a leading product, capturing over 30% market share in 2023, with sales exceeding CNY 700 million [2] - The company’s CRO (Contract Research Organization) business is expected to experience growth due to favorable regulatory changes and increased demand for drug research services [2][3] Market Position and Competitive Landscape - The company ranks third in the market for cold medicine in public medical institutions, with a significant presence in the hospital sector [38] - The recent national centralized procurement is expected to enhance the company's market position, as the selected prices for its products remain stable, indicating limited impact on pricing [2][59]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [4]. Core Insights - The company is positioned as a leading global medical device enterprise, leveraging its deepened globalization strategy and digital transformation to build core competitiveness [3][12]. - The three core business segments (Life Information and Support, In Vitro Diagnostics, and Medical Imaging) maintain a strong global presence, with significant breakthroughs in high-end markets [3][12]. - The company is expected to benefit from the release of new medical infrastructure demands and equipment upgrade policies in the short term, while long-term growth will be driven by globalization penetration, high-end upgrades, and emerging sectors [3][12]. Financial Performance - Projected revenue for 2023 is 34,932 million, with a year-on-year growth rate of 15.0%. By 2027, revenue is expected to reach 51,422 million, with a growth rate of 12.4% [1]. - The net profit attributable to the parent company is forecasted to be 11,582 million in 2023, with a growth rate of 20.6%, and is expected to reach 16,500 million by 2027, with a growth rate of 15.5% [1]. - The company's return on equity (ROE) is projected to decline from 34.7% in 2023 to 21.2% in 2027, indicating a potential shift in profitability dynamics [1]. Business Strategy - The company has deepened its globalization strategy, with international business revenue expected to account for 45% in 2024, growing over 21.28% year-on-year [1][27]. - The company has established a comprehensive digital ecosystem through three smart medical solutions: "Rui Zhi Lian," "Rui Ying Yun++," and "Mai Rui Zhi Jian," enhancing diagnostic efficiency by over 30% [2][46]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and fill gaps in its product offerings, particularly in the cardiovascular and IVD sectors [2][28]. Market Position - The company has achieved significant market penetration, entering 80% of the top 100 hospitals globally and ranking among the top three in several product categories [1][27]. - The company’s international revenue reached 164.3 billion in 2024, accounting for 44.7% of total revenue, highlighting the importance of overseas markets [29]. - The company has a robust R&D framework, with an investment of 40.1 billion in 2024, representing 10.9% of revenue, and has filed over 11,000 patents [2][36]. Emerging Opportunities - The company is experiencing explosive growth in emerging business areas, such as minimally invasive surgical systems, with a market share that has jumped to third in the domestic market [2][3]. - The integration of AI in medical devices is expected to drive further growth, with the global AI market projected to expand significantly, enhancing the company's competitive edge [42][46].

Investment Rating - The report maintains a rating of "Outperform the Market" for the collectible card industry [6] Core Insights - The collectible card industry is expected to maintain strong growth, driven by diverse IPs, evolving consumer habits, and the inherent social, collectible, and investment attributes of cards [5][12] - The market for collectible cards in China is projected to grow at a compound annual growth rate (CAGR) of 56.6% from 2019 to 2024, with a market share of 25.8% in the overall entertainment toy industry by 2024 [12][16] - The industry is characterized by a high concentration of major players, with the top five companies holding 82.4% of the market share [4][32] Summary by Sections 1. Collectible Card Market Potential - The collectible card segment is a significant part of the rapidly growing entertainment toy industry, which is expected to reach a market size of RMB 1,018 billion by 2024, with a CAGR of 15.8% from 2024 to 2029 [12][13] - The collectible card market is anticipated to grow at a CAGR of 56.6% from 2019 to 2024, making it the fastest-growing sub-sector within the entertainment toy industry [16][17] 2. Types and Characteristics of Cards - The card industry is divided into collectible and non-collectible cards, with collectible cards offering themes, collection, exchange, and competitive play [3][26] - Collectible cards can be further categorized into competitive and non-competitive types, catering to both strategic gameplay and collection interests [3][26] 3. Competitive Landscape - The collectible card industry is highly concentrated, with the leading company, 卡游 (KAYOU), holding a market share of 71.1% in 2024 [4][32] - Major players include 卡游, 宝可梦公司, and others, with the top five companies dominating the market [4][32] 4. Consumer Engagement and Market Dynamics - The low entry barrier and multiple attributes of collectible cards, including social interaction, competition, and investment potential, contribute to their growing popularity [4][39] - The rise of live streaming and secondary markets is enhancing consumer engagement and driving sales in the collectible card sector [4][54] 5. Future Growth Drivers - Factors such as increasing disposable income, expanding consumer demographics, and heightened interest from IP holders in developing entertainment products are expected to drive the market forward [20][21][24] - The overseas market presents significant opportunities for growth, particularly in Southeast Asia, where the collectible card market is projected to reach RMB 2.8 billion by 2024 [24]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The bond market basically operated within the desirable range of 1.65% - 1.70% last week. The weak inflation data in May further accumulated momentum for monetary policy easing. The fixed - income market will continue to follow the logic centered on the central bank's monetary policy path, and future breakthrough points need to be explored from the perspectives of continuous weakening of domestic demand and further reduction of policy interest rates [3][18]. - In May, both the year - on - year and month - on - month CPI decreased, and the PPI remained at a relatively low level in the negative range. The low - price phenomenon is still severe [2][27]. Summary by Directory 1. Interest Rate Bond Data Review of Last Week - **Funding Rates**: DR001 dropped from 1.48% on May 30 to 1.41% on June 3 and remained stable at this level on June 6; R001 fell from 1.57% on May 30 to 1.46% on June 3 and closed at 1.45% on June 6; DR007 declined from 1.66% on May 30 to 1.55% on June 3 and closed at 1.53% on June 6; FR007 decreased from 1.75% on May 30 to 1.59% on June 3 and closed at 1.56% on June 6 [7]. - **Open Market Operations**: The central bank conducted reverse repurchase operations, injecting 930.9 billion yuan, with a total maturity of 1602.6 billion yuan, resulting in a net capital injection of - 671.7 billion yuan [7]. - **Sino - US Interest Rate Spread**: The inversion of the Sino - US bond interest rate spread showed different trends at short and long ends. The 6 - month interest rate spread between China and the US was - 255BP, with a slight reduction in the inversion; the 2 - year and 10 - year spreads were - 262BP and - 285BP respectively, with an expansion in the inversion [12]. - **Term Spread and Yield Curve**: The term spread of Chinese bonds widened, and the yield curve steepened downward; the term spread of US bonds contracted, and the yield curve flattened upward [14]. 2. Continued Weakening of May Inflation Data - **CPI**: In May, the year - on - year CPI was - 0.1%, remaining stable for three consecutive months. The year - on - year CPI of food items was - 0.4%, continuing to decline from the previous value of - 0.2%, while the non - food items remained the same as last month. The core CPI increased by 0.6% year - on - year. The month - on - month CPI was - 0.2%, down 0.3 percentage points from the previous value and back to the negative range [1][19]. - **PPI**: In May, the year - on - year PPI was - 3.3%, with the decline widening by 0.6 percentage points compared to the previous value. The month - on - month PPI was - 0.4%, remaining in a negative growth state. Overall, the year - on - year and month - on - month CPI and PPI in May were in a relatively low negative range, and the low - price phenomenon was still severe [2][22][27]. 3. Key Bond Market Events of Last Week - **China - UK Economic and Financial Dialogue**: On June 8, 2025, He Lifeng, the Chinese co - chair of the China - UK Economic and Financial Dialogue, met with UK Chancellor of the Exchequer Jeremy Hunt in London. They exchanged in - depth views on China - UK economic and financial cooperation and issues of common concern [28]. - **US Unemployment Rate**: In May, the US unemployment rate remained unchanged at 4.2%. Non - farm payrolls added 139,000 jobs, lower than the revised 147,000 in the previous month but higher than the market expectation of 129,000 [28].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][19]. Core Views - The report highlights that the polyether amine industry is experiencing a downturn, with a focus on the domestic production process of COC (Cyclic Olefin Copolymer) [9][10]. - The company is actively expanding its market presence, particularly in international markets, to counteract the competitive pressures and declining prices in the domestic polyether amine market [9]. - The anticipated production and sales of COC materials are expected to create a new revenue growth curve for the company, with significant potential applications in various sectors [10][11]. Financial Summary - The company's revenue for 2023 is projected at 537 million yuan, with a decline of 24.7% year-on-year. Revenue is expected to recover to 1,565 million yuan by 2027, reflecting a growth rate of 39.0% [1][11]. - The net profit attributable to the parent company is forecasted to be 24 million yuan in 2023, with a significant recovery to 230 million yuan by 2027, indicating a year-on-year growth of 95.4% [1][11]. - The report outlines a projected EPS of 0.25 yuan for 2023, improving to 2.40 yuan by 2027 [1][11]. Market and Product Insights - The report notes that the domestic polyether amine market is facing increased competition, leading to price declines and pressure on profit margins. The average selling price of polyether amine decreased by 14.24% year-on-year in 2024 [2][3][9]. - The company has established a new production line for high transparency materials (COC), which is expected to begin mass production in 2025, with a long-term capacity expansion planned for 2026 [10][11]. - The company has initiated several self-research projects aimed at developing specialized COC products for various applications, indicating a strategic focus on innovation and market diversification [10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][21]. Core Views - The increase in orders from BASF has significantly boosted the company's performance, and there is optimism regarding the continuous enrichment of the company's product matrix [1][2]. - The company is expanding its industrial chain both vertically and horizontally, enhancing existing product advantages while diversifying its product offerings [9][10]. Financial Performance - The company's revenue for 2024 is projected to be 667 million yuan, a year-on-year increase of 21.23%, with a net profit of 146 million yuan, up 89.21% year-on-year [1]. - For 2025, the company expects revenues of 783 million yuan and a net profit of 190 million yuan, representing year-on-year growth rates of 17.5% and 30.8%, respectively [11]. - The company's return on equity (ROE) is expected to improve from 2.9% in 2023 to 8.0% by 2027 [1][11]. Product and Market Development - The company has established a deep cooperation with BASF, which has led to a significant increase in sales of mobile source denitrification molecular sieves, contributing to a 50.03% year-on-year revenue growth from this segment [2][9]. - The company is actively developing new markets in Southeast Asia and India while strengthening its domestic market presence in regions like Northwest and South China [10][11]. Cost and Expense Management - In 2024, the company's sales expenses increased by 25.91%, while management expenses decreased by 18.60%, indicating a focus on cost control [3]. - The financial expenses saw a significant decline of 94.31%, reflecting improved financial management [3]. Cash Flow and Financial Health - The net cash flow from operating activities for 2024 is expected to be 188 million yuan, a year-on-year increase of 75.99% [4]. - The company's cash and cash equivalents at the end of the period are projected to be 153 million yuan, down 43.24% year-on-year, indicating a need for careful cash management [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][18]. Core Viewpoints - The company is accelerating its business transformation and continuously expanding its solid-state battery layout, which is expected to benefit from advancements in cutting-edge technologies [1][2]. - The company reported a revenue of 2.136 billion yuan for 2024, representing a year-on-year growth of 41.69%, and a net profit attributable to shareholders of 15.2042 million yuan, up 102.33% year-on-year [1]. - The company is focusing on enhancing its lithium battery industry chain and product structure, with new production capacities expected to strengthen its strategic layout in the lithium battery sector [9][10]. Financial Summary - The company's projected revenue for 2025 is 2.566 billion yuan, with a year-on-year growth rate of 20.2% [1]. - The net profit attributable to shareholders is expected to reach 79 million yuan in 2025, reflecting a significant increase of 416.9% year-on-year [1]. - The company is expected to achieve a return on equity (ROE) of 2.9% in 2025, improving to 6.9% by 2027 [1]. Business Segmentation - In 2024, the company's rail engineering rubber products business is projected to generate revenue of 4.65 billion yuan, a year-on-year increase of 54.69% [2]. - The lithium compound series products are expected to generate revenue of 3.14 billion yuan, although this represents a decline of 34.34% year-on-year [2]. - The company is actively developing various new damping products to meet market demands and has established a solid foundation for its lithium compound business through its subsidiaries [2][3]. Strategic Partnerships - The company has signed a strategic cooperation framework agreement with Shenzhen Xinjie Energy Technology Co., Ltd. to collaborate on solid-state lithium metal anode materials and new material research [3][8]. - This partnership aims to enhance resource integration and strengthen collaboration in the development of new lithium metal anode materials [8]. Future Outlook - The company is expected to benefit from the long-term demand trends in the rail transit industry and its ongoing efforts to strengthen its lithium battery business, leading to improved performance in the coming years [10]. - The projected net profits for 2025 to 2027 are 79 million yuan, 140 million yuan, and 213 million yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 80, 45, and 30 [10].